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Is the Commercial Construction Market Improving?

Is the Commercial Construction Market Improving?

In the past month, industries across America have seen significant improvement and growth, thanks to a continually recovering economy. The construction industry is no exception, as it is currently booming in the U.S. According to a report published recently by The Associated General Contractors of America (AGCA), construction firms have added jobs in 38 states and the District of Columbia between November 2013 and November 2014. In addition, construction employment has increased in 26 states and D.C. between October and November of this year, according to Labor Department data analyzed by the AGCA.

AGCA’s chief economist Ken Simonsen states that North Dakota, Louisiana, and Oklahoma have all three exceeded their pre-recession peaks for construction employment this year. However, he stresses the importance of being cautiously optimistic, as most states are still at least 10% below their previous highs. He mentions that “The construction industry- nationwide- lost 30% of its workforce from 2006 to 2011.”

Despite this, there are still plenty of construction jobs that need to be filled and the AGCA is optimistic that higher wages will draw workers back into the field. The good news in all of this for commercial real estate agents is that more commercial buildings such as offices, apartment complexes, shopping centers, etc. means more sales opportunities for them.

At NewMark Insurance Services, we understand how the commercial construction sector and commercial real estate sector work hand in hand. We specialize in protecting Real Estate Agents and Brokers in the event of alleged claims arising from the performance of your professional services with Errors & Omissions Insurance, also known as Professional Liability coverage. To learn more about our products and services, please contact us today at (855) 777-6549.